Housing Not Out of the Woods Despite Growing Economy
November 5, 2009
Housing appears to have stabilized, with both single-family home sales and production activity heading for higher ground, they said, with the multifamily sector trailing behind. The severity of the downturn from which the nation is now emerging, however, has made it more difficult to know exactly what to expect in the period ahead.
As a result, housing could improve faster than is generally expected, or it could hobble along without reaching healthy levels until far into 2011. What happens to housing prices is crucial in determining the strength of industry performance, the analysts said. While prices have shown signs of stabilizing in recent months, they could suffer a relapse in the face of rising unemployment, which in turn is increasing the number of home owners who can no longer afford to make their mortgage payments. (continued)
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